AML/CTF Tranche 2 reporting and records Current
Reporting and record-keeping under Tranche 2
What newly regulated firms generally need to keep and report.
Reporting entities have obligations to report certain matters to AUSTRAC and to keep AML/CTF records with a clear audit trail. This guide sets out the practical steps. It is general information, not legal or compliance advice. Vertical Flows does not file AUSTRAC reports on your firm's behalf.
Action plan
1 Understand your reporting obligations AUSTRAC's rules set out what reporting entities must report, and when.
Reporting entities have obligations to report certain matters to AUSTRAC. AUSTRAC's own guidance sets out exactly what must be reported and the timing that applies. Vertical Flows does not decide what is reportable and does not file AUSTRAC reports on your firm's behalf.
- Read AUSTRAC's current guidance on what your firm must report
- Confirm your firm's reporting obligations with your compliance officer or adviser
- Document how your firm identifies and escalates reportable matters
Done when: Your firm has a documented process for identifying and escalating reportable matters
AUSTRAC: Tranche 2 obligations factsheet2 Keep records and an audit trail Retain AML/CTF records for as long as AUSTRAC's rules require, with a clear audit trail.
Your firm needs to retain customer due diligence records, transaction records and program documentation, with a clear trail of who reviewed what and when. Vertical Flows can generate an evidence package from a completed workflow. Retention policy and duration remain your firm's responsibility.
- Confirm your exact record-keeping duration with AUSTRAC's current guidance
- Keep evidence, decisions and reviewer identity together, not scattered across systems
- Make records retrievable for audit or regulator request
Done when: Records are retained in one reviewable place with a clear audit trail
See how evidence packages work